Monday 10th November 2008 |
Text too small? |
The bank then plans to offer up to A$10,000 of new shares to retail investors on the same terms, with the right to scale back the sale if demand exceeds A$250 million, it said in a statement.
The institutional placement is fully underwritten by Goldman Sachs JBWere, Merrill Lynch and UBS AG, it said. The sale will increase National Australia's Tier One ratio to about 8% from 7.35%, the Melbourne-based bank said.
"More favourable market conditions have enabled NAB to accelerate its capital management plans," the bank said. "Upon successful completion of the placement, NAB will no longer proceed with its underwrite of the dividend reinvestment plan for the 2008 final dividend."
National Australia last month posted an 11% drop in full-year profit after funding costs rose and the bank increased provisions for losses on securities.
No comments yet
CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report